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Apr 20, 2013
04/13
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have been deficits for four years. but sometimes you need some, you get it, other times, in germany, to end with one poll that is quite interesting. you may know, you may have known that of course there's a lot of concern in public opinion, is it not the wrong decision to care for the european monetary, if you look at -- be have the highest polls we ever had, and shoo we stay in the euro or not. 70%, which is high, said, yes, we have to stay. we have to solve the problem. and it's a good basic. thank you very much. >> thank you very much. [applause] >> let me just start the questions by asking you, we have seen major initiatives in both the united states and europe to regulate banks. is more coordination needed between the two of us and if so, how would you recommend that we could achieve that. >> obviously more coordinate needed, but we try to find solutions in europe. we know that u.s. has in some way gone ahead, but we will work -- we discuss -- it's not most problematic issue actually, to have common understanding
have been deficits for four years. but sometimes you need some, you get it, other times, in germany, to end with one poll that is quite interesting. you may know, you may have known that of course there's a lot of concern in public opinion, is it not the wrong decision to care for the european monetary, if you look at -- be have the highest polls we ever had, and shoo we stay in the euro or not. 70%, which is high, said, yes, we have to stay. we have to solve the problem. and it's a good basic....
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Apr 20, 2013
04/13
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now, some people can't understand what the trade deficit is, some will, but the trade deficit is the difference between what america exports and what we import so what it really means to say that we're $500 billion out of balance for the rest of the world is that we're consuming more than we produce to the tune of $500 billion a year. the reason that's true is the only place you can get goods to consume is you either make them yourself or import them from someplace else. this is another way in which the united states is living beyond its means. now, those remarks were to try to get you interested. people don't usually pay money to hear me speak. i assume you are all at least somewhat interested. if you look at free trade, once you understand there's an issue here with the trade situation, if any of you got a wallet on you, pull out a ten dollar bill. the guy on the ten dollar bill etary of the treasury, ca the intellectual architect of american capitalism, one of the founding father, and an envowed protectionist as was abraham lincoln, as was virtually every president prior to world
now, some people can't understand what the trade deficit is, some will, but the trade deficit is the difference between what america exports and what we import so what it really means to say that we're $500 billion out of balance for the rest of the world is that we're consuming more than we produce to the tune of $500 billion a year. the reason that's true is the only place you can get goods to consume is you either make them yourself or import them from someplace else. this is another way in...
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Apr 22, 2013
04/13
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CSPAN2
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greece has made a lot of progress in reducing deficit as well. therefore, we are regaining confidence. and if you look at market, markets are very, have regained a lot of confidence. and bonds for all member states, including italy, spain, all the concerned countries, are below they used to be before the crisis. therefore, markets have regained what we are doing now is building the next step, building the banking union. we have already agreed on mechanisms because we need a strong european supervision of banks because our banking works not only in the frame of one member state, but all of us. we need a european mechanism and a european supervision. we haveimemented, we will implement a supervise mechanism in the coming weekings. it -- weeks. it has been already decided. we will build, we have a european regulation on deposit insurance. we have a european regulation on our -- it is not yet decided, but it's drafted, and it is on the way on regulation that was -- [inaudible] mechanism as well. and, therefore, we are working step by step in the dire
greece has made a lot of progress in reducing deficit as well. therefore, we are regaining confidence. and if you look at market, markets are very, have regained a lot of confidence. and bonds for all member states, including italy, spain, all the concerned countries, are below they used to be before the crisis. therefore, markets have regained what we are doing now is building the next step, building the banking union. we have already agreed on mechanisms because we need a strong european...
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first but rallied in the match and says cost twenty three points for that quarter and also cut the deficit by four in the fourth but it was too little too late as this car ran out eighty nine to seventy eight when as. two days later the science resume for game two with him into paying back the hosts and they stormed into a twenty six points to twenty lead in the first quarter but says reshuffled and came back stronger and held a nineteen point lead by the end of the. with sony wins again proving instrumental to all the men made thirty one of forty three two point shots and eventually cruised past ninety to sixty eight to take a two nil series lead the sides will now go to spain for the next two games though no team has ever overcome that single deficit in the euro league last eight. their real talking you know something you know. they were how to deal with it we get there. is a lot of really aggressive you know especially the physical you know to not going to call out of files a home court or something we had were just too i would just play chess the best will play like we were playing the
first but rallied in the match and says cost twenty three points for that quarter and also cut the deficit by four in the fourth but it was too little too late as this car ran out eighty nine to seventy eight when as. two days later the science resume for game two with him into paying back the hosts and they stormed into a twenty six points to twenty lead in the first quarter but says reshuffled and came back stronger and held a nineteen point lead by the end of the. with sony wins again...
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the deficit is the outcome really what you should be targeting is is growth and you should be looking to to smooth out over this cycle to have some sort of a policy that allows you to have maximum plummet at all times and the deficit will be lower as a result of that if you have the appropriate tax policy let me let me jump in for a second because i understand you're saying that you've got three avenues to pursue and different countries would require different prescriptions unfortunately in these countries you have different lobbying groups and different ideologies all competing to get their ideology and their policies through they all think they have the best policy no reason to bring this up is because here in the u.k. margaret thatcher has died margaret thatcher there's a big margaret that there's a funeral there's a huge outpouring of emotion about margaret thatcher back in the seventy's when she assumed power she too had all these competing voices telling her what to do she took a survey very strong position for better or worse she took action so my question to you as a long term
the deficit is the outcome really what you should be targeting is is growth and you should be looking to to smooth out over this cycle to have some sort of a policy that allows you to have maximum plummet at all times and the deficit will be lower as a result of that if you have the appropriate tax policy let me let me jump in for a second because i understand you're saying that you've got three avenues to pursue and different countries would require different prescriptions unfortunately in...
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the deficit is the outcome really what you should be targeting is is growth and you should be looking to to smooth out over this cycle to have some sort of a policy that allows you to have maximum plummet at all times and the deficit will be lower as a result of that if you have the appropriate tax policy let me let me jump in for a second because i understand you're saying that you've got three avenues to pursue and different countries would require different prescriptions unfortunately in these countries you have different lobbying groups and different ideologies all competing to get their ideology and their policies through they all think they have the best policy the reason i bring this up is because here in the u.k. margaret thatcher has died margaret thatcher there's a big margaret that there's a funeral there's a huge outpouring of emotion about margaret thatcher back in the seventy's when she assumed power she too had all these competing voices telling her what to do she took a survey very strong position for better or worse she took action so my question to you as a long term
the deficit is the outcome really what you should be targeting is is growth and you should be looking to to smooth out over this cycle to have some sort of a policy that allows you to have maximum plummet at all times and the deficit will be lower as a result of that if you have the appropriate tax policy let me let me jump in for a second because i understand you're saying that you've got three avenues to pursue and different countries would require different prescriptions unfortunately in...
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Apr 22, 2013
04/13
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spanish deficit was up to 10.6% of gdp. stephane joins us now live from madrid. >> there is no surprise. 10.6% of gdp. there's a reason behind it. it's the cost of bailing out the spanish banking sector. eurostadt did not give the details about the calculation, but without the cost of bailing out the banking sector, the deficit was 6.9% of gdp, which is higher than the 3% target set by the government, but of course that would be much lower than the 10%, for instance, deficit that we've seen in greece last year as a result, of course, the spanish debt is rising. it's now 84.2% of the spanish gdp. that's a sharp increase if you compare to the level before the prices in spain. and there's a paradox in that announcement. yes, we've seen some positive reaction on the bond market. the other part is that it will actually help the government to ask for more time to reduce its public deficit below 3% of ggdp. the new target will be 2016, two years later than expected, and that will give the government a bit of precome, a bit of marg
spanish deficit was up to 10.6% of gdp. stephane joins us now live from madrid. >> there is no surprise. 10.6% of gdp. there's a reason behind it. it's the cost of bailing out the spanish banking sector. eurostadt did not give the details about the calculation, but without the cost of bailing out the banking sector, the deficit was 6.9% of gdp, which is higher than the 3% target set by the government, but of course that would be much lower than the 10%, for instance, deficit that we've...
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the deficit is the outcome really what you should be targeting is is growth and you should be looking to to smooth out over this cycle to have some sort of a policy that allows you to have maximum plummet at all times and the deficit will be lower as a result of that if you have the appropriate tax policy i let me let me jump in for a second because i understand you're saying that you've got three avenues to pursue and different countries would require different prescriptions unfortunately in these countries you have different lobbying groups and different ideologies off impeding to get their ideology and their policies through they all think they have the best policy the reason i bring this up is because here in the u.k. margaret thatcher has died margaret thatcher there's a big margaret that there's a funeral there's a huge outpouring of emotion about margaret thatcher back in the seventy's when she assumed power she too had all these competing voices telling her what to do she took a survey very strong position for better or worse she took action so my question to you as a long ter
the deficit is the outcome really what you should be targeting is is growth and you should be looking to to smooth out over this cycle to have some sort of a policy that allows you to have maximum plummet at all times and the deficit will be lower as a result of that if you have the appropriate tax policy i let me let me jump in for a second because i understand you're saying that you've got three avenues to pursue and different countries would require different prescriptions unfortunately in...
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Apr 24, 2013
04/13
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target, the government will not waste this time and try to keep the deficit under control. kelly, over to you. >> do you wear suits from -- >> sorry? no, it's not. >> good looking suit. joining us from madrid. we'll hear more about that on friday. i bring this up because luxury brands have been under pressure amid slower growth in china. there are reasons for companies to stay upbeat. >> it is it stylish, sleek and highly sought after. luxury goods the envy of fashionistas all around the world from the streets of milan to beijing, luxury fashion is still in demand. as europe remains in the doldrums and there are signs of slowing, it begs the question how much longer can it last? in sidney this week, an italian label believes there are growth opportunities in the world's second largest economy. >> i think that we were used to double digit growth and now we have to be ready for slower growth. i do believe there is growth to look for in china. we are in approximately 35 cities and there are at least double of the cities that we can go in the next couple of years. >> the compan
target, the government will not waste this time and try to keep the deficit under control. kelly, over to you. >> do you wear suits from -- >> sorry? no, it's not. >> good looking suit. joining us from madrid. we'll hear more about that on friday. i bring this up because luxury brands have been under pressure amid slower growth in china. there are reasons for companies to stay upbeat. >> it is it stylish, sleek and highly sought after. luxury goods the envy of...
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Apr 23, 2013
04/13
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so the country will have a bit more time to reduce its public deficit. then it will be able to implement some growth incentive measures. that's the reason why the stock market is doing well and that's the reason why we've seen yesterday the bond market failing to the lowest level in 2 1/2 years, despite the report from eurostadt saying spain last year had the highest deficit in europe and the latest announcement from the bank of spain in terms of economic growth. >> stephane, by the way, if you could order pizza through your television -- i've seen that television, it's pretty big -- would you? >> sorry, if i could order pizza? >> yes. through your television. would you be interested? >> well, i have reached an age i can't afford -- i can't eat pizza. but, you know, one piece brings probably two hours, three hours at the gym. >> not worth it. that might tie in nicely with what's going on in our next story. stephane, thank you very much. pizza and video games may now be going hand in hand. in fact, it might be the perfect food to chow down on while you're
so the country will have a bit more time to reduce its public deficit. then it will be able to implement some growth incentive measures. that's the reason why the stock market is doing well and that's the reason why we've seen yesterday the bond market failing to the lowest level in 2 1/2 years, despite the report from eurostadt saying spain last year had the highest deficit in europe and the latest announcement from the bank of spain in terms of economic growth. >> stephane, by the way,...
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Apr 17, 2013
04/13
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low yields make pension deficits worse and make corporates less likely to invest. they backed themselves into a corner here. >> what's your take? >> i do think that qe has helped the economy over the past four years. our own view is you get diminishing returns to each slug of qe as you go along. we suspect in due course that we'll get another expansion of asset purchases which at the margin may help and there may be psychological boost to markets but the other things to watch out for are the success or otherwise of bank of england's funding for lending scheme which we're relatively hopeful will help to expand the supply of mortgage credit. >> it doesn't seem like it's done much frankly. >> it's a slow burn. the last couple of months of data have been disappointing but through the back end of the second half of last year what we saw was a steady increase in mortgage approvals and that's helpful. the other thing to watch out for is what's happening to the small business sector. we have been calling for some sort of government if not bank of england action to help cha
low yields make pension deficits worse and make corporates less likely to invest. they backed themselves into a corner here. >> what's your take? >> i do think that qe has helped the economy over the past four years. our own view is you get diminishing returns to each slug of qe as you go along. we suspect in due course that we'll get another expansion of asset purchases which at the margin may help and there may be psychological boost to markets but the other things to watch out...
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Apr 22, 2013
04/13
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FOXNEWSW
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because you know for two years now you've been talking about debt and deficit spending. and in this sense it all ties back together. >> well, what's driving our spending and driving our debt is the fact that there are 10,000 baby boomers like me retiring every day. 70,000 this week. 3.5 million this year. social security, medicare, there is no money there in those fund. it has all been spent. people are living longer, accessing medicaid. so the real drivers of the debt primarily are our big entitlement programs that won't survive in their current form unless we make some changes. so it has got, it really has nothing to do with what we call the discretionary spending pot. bill: understood. homeland security spending is not touched? >> we have the sequester because the president won't get serious about solving our big spending problem. he insisted on the sequester. they may have an impact but i don't believe that it's going to affect our counter terrorism activities or affect the ability to protect the american people. bill: what about the immigration debate? there's a lot
because you know for two years now you've been talking about debt and deficit spending. and in this sense it all ties back together. >> well, what's driving our spending and driving our debt is the fact that there are 10,000 baby boomers like me retiring every day. 70,000 this week. 3.5 million this year. social security, medicare, there is no money there in those fund. it has all been spent. people are living longer, accessing medicaid. so the real drivers of the debt primarily are our...
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Apr 16, 2013
04/13
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by almost 2% because the country is a big importer for both commodities and a lower current account deficit will leave the rbi more room to cut interest rates. back to you. >> sixuan, thank you very much indeed for that. lower oil and gold boosting the inn market. >> precisely and significantly. there wasn't much else throwing life into the market. >> there's always a different correlation somewhere. >> a silver lining? maybe. >>> the dow s&p 500 and nasdaq tumbled to their lowest levels yesterday since november. joining us now, gina sanchez. welcome. >> hi. >> so is this it, is this a buying opportunity? do you look at all the declines that we've seen and decide that this is now a pivot point? >> well, i've been calling for consolidation sometime, you know, generally around april is when you start to see a consolidation and then you sell in may and go away. i actually think that is probably going to be what it's going to work out to. obviously, we're getting the signals that have been driving some of this consolidation have been growth. obviously, the bad news at the end of the day with wh
by almost 2% because the country is a big importer for both commodities and a lower current account deficit will leave the rbi more room to cut interest rates. back to you. >> sixuan, thank you very much indeed for that. lower oil and gold boosting the inn market. >> precisely and significantly. there wasn't much else throwing life into the market. >> there's always a different correlation somewhere. >> a silver lining? maybe. >>> the dow s&p 500 and nasdaq...
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Apr 18, 2013
04/13
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spending on personnel, goods, services and other current spending, allowing the country to meet its 5.5% deficit target for 2013. this follows parliament voting down other measures, throwing the country's needed fund-raising into doubt and raising concern more broadly about the eurozone. but now it looks as though spending cuts compensate for the austerity measures that were rejected by the court are going forward. so perhaps providing some relief to those worried that this would throw the eurozone's progress into doubt. not a major move on the back of that news. >>> straight ahead on "worldwide exchange," uk retail sales figures for march will hit the tape in just a couple minutes' time. we'll break down those numbers for you live. >>> plus, strong first quarter results. can they maintain their edge? >>> welcome back tos with was. these are your headlines. stocks in europe recovering from the worst day in nine months. performance from basic resources amid concern about declining commodity prices spp fear of falling demand for iphones and ipads is veding to asia where shares of apple suppliers i
spending on personnel, goods, services and other current spending, allowing the country to meet its 5.5% deficit target for 2013. this follows parliament voting down other measures, throwing the country's needed fund-raising into doubt and raising concern more broadly about the eurozone. but now it looks as though spending cuts compensate for the austerity measures that were rejected by the court are going forward. so perhaps providing some relief to those worried that this would throw the...